Microeconomics

Question 1discuss The Long Run Average Cost Curve Of A Firm And How It Represents

Question

QUESTION 1

Discuss the long – run average cost curve of a firm and how it represents

returns to scale.

Substantiate the answer with the aid of diagram.

QUESTION 2

Depending on the characteristics of the market structures, firms will experience different profit maximizing positions in the short-run and long-run In terms of this statement, discuss the profit maximizing positions of a monopolistically competitive firm and monopolist in the long-run.

Microeconomics

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